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Corporate Presentation – Sanchez Energy Corp

Sanchez Energy Corp · Jul 1, 2014 · 28 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Corporate Presentation – Sanchez Energy Corp – slide 1
    Corporate Presentation July 2014
  2. Corporate Presentation – Sanchez Energy Corp – slide 2
    Pro Forma Sanchez Energy Overview Market Cap (1) 2,625 MM Enterprise Value (1) 3,530 MM Eagle Ford Shale Net Acreage: 226,000 acres 1P Reserves: 119 MMBoe Production: 43,000 Boe/d Executing Strong Growth 1Q14 production grew 985% YoY…
  3. Corporate Presentation – Sanchez Energy Corp – slide 3
    Catarina Acquisition Summary Seller: SWEPI LP and Shell Gulf of Mexico Inc. (Royal Dutch Shell plc subsidiaries) Purchase Price: 639 million (554 million after normal and customary closing adjustments subject to further post-closing…
  4. Corporate Presentation – Sanchez Energy Corp – slide 4
    Catarina Acquisition Strategic Rationale Highly Immediately accretive to EPS, CFPS, production per share and reserves per share Accretive & 10.65 per Boe based on Ryder Scott YE13 proved reserves Attractive Valuation 26,374 per 1Q14…
  5. Corporate Presentation – Sanchez Energy Corp – slide 5
    Pro Forma Reserves and Production Overview SN Proved Reserves (1) Catarina Proved Reserves (1) Pro Forma SN Proved Reserves (1) NGL 11% NGL 36% NGL 24% Oil 77% Oil 21% Oil 49% Gas 12% Gas 43% Gas 27% 59 MMBoe (42% PD) 60…
  6. Corporate Presentation – Sanchez Energy Corp – slide 6
    Capital Expenditures Focused On Eagle Ford 2014 Capital Plan (MM) Gross % of % of Full Year Net Wells Net Wells Operating D&C Project Area Rig Count Spud Completed Capex Capital Plan Capital Plan Catarina 1.0 25 37 205 - 215 24% 26%…
  7. Corporate Presentation – Sanchez Energy Corp – slide 7
    Company Overview 8 2014 Sanchez Energy Corporation
  8. Corporate Presentation – Sanchez Energy Corp – slide 8
    Pro Forma Eagle Ford Shale Position Pro Forma SN Eagle Ford Position Summary Net Acres 226,000 1Q14 Production (Boe/d) 43,000 2014 Planned Operated Rigs 2014 Planned Non-Operated Rigs Gross Producing Wells 405 Alexander Ranch Briggs…
  9. Corporate Presentation – Sanchez Energy Corp – slide 9
    Catarina Asset Overview Asset Summary Catarina 106,000 net acres in Dimmit, La Salle and Webb counties Eastern Operational control: 100% WI, 75% NRI, and one Catarina primary surface and mineral owner 176 producing wells which hold…
  10. Corporate Presentation – Sanchez Energy Corp – slide 10
    Catarina Undeveloped Reserves SN believes that the Ryder Scott (RSC) type curve has large upside potential based on offset operator results The main factors that SN believes has caused the underperformance of the previous operators…
  11. Corporate Presentation – Sanchez Energy Corp – slide 11
    Stacked Lateral Potential Western Catarina Type Log SN intends to target the Lower Eagle Ford (LEF) with additional infill potential in the Upper Eagle Ford (UEF) as a secondary target The majority of wells drilled in Catarina thus…
  12. Corporate Presentation – Sanchez Energy Corp – slide 12
    Acquisition Wells Exhibit Attractive Economics Western Catarina Area Lower Eagle Ford Type Curves and Well Economics (1) 1,200 700 MBoe EUR 6.5 MM Capex Gas Price ( / Mcf) 4.00 4.50 5.00 NPV-10 (MM) 4.4 4.8 5.2 1,000 IRR 47% 51%…
  13. Corporate Presentation – Sanchez Energy Corp – slide 13
    Eastern Catarina Potential Regional Cross Section of Lower Eagle Ford Potential A A Successful SN wells from Alexander Ranch and Alexander A Briggs Ranch have similar LEF core & log rock Ranch quality as the Eastern Catarina…
  14. Corporate Presentation – Sanchez Energy Corp – slide 14
    Sanchez Energy is a Low-Cost Operator Pad Drilling Efficiencies Cash Operating Cost / Boe We have experienced cost reductions with the move to pad drilling across all of our assets 45.06 10% cost reductions compared to single well…
  15. Corporate Presentation – Sanchez Energy Corp – slide 15
    With a Track Record of Optimizing Assets Alexander Ranch SN has achieved substantially lower than expected well costs in Alexander Ranch The previous operator was drilling wells at an average cost of 8.8 million At the time of the…
  16. Corporate Presentation – Sanchez Energy Corp – slide 16
    Cotulla Overview Wycross Talbutt Trust Wright Ranch Alexander Ranch Cotulla Acreage & Inventory Wycross 2014 Capital Plan Other Cotulla 2014 Capital Plan Total Net Acres 39,000 2014 Capital Plan (MM) 140 - 150 2014 Capital…
  17. Corporate Presentation – Sanchez Energy Corp – slide 17
    Marquis & Palmetto Overview Marquis Palmetto Marquis Acreage & Inventory Marquis 2014 Capital Plan Palmetto 2014 Capital Plan Total Net Acres 70,000 2014 Capital Plan (MM) 270 - 285 2014 Capital Plan (MM) 45 - 55 Average…
  18. Corporate Presentation – Sanchez Energy Corp – slide 18
    Downspace Testing Across EFS Portfolio Net PUD Reserve Current Locations Report Number of Development Booked Spacing 40 Acre Test Plan Spacing Utilizing 3D Seismic Area (12/31/13) (Acres) Wells (Acres) Microseismic Coverage…
  19. Corporate Presentation – Sanchez Energy Corp – slide 19
    TMS Acreage Position and Activity 57,000 net acre position in the core of the TMS Contiguous blocky acreage with 3+ years of average remaining lease term SN anticipates spudding up to 4 gross (2 net) operated wells including…
  20. Corporate Presentation – Sanchez Energy Corp – slide 20
    Financial Highlights 21 2014 Sanchez Energy Corporation
  21. Corporate Presentation – Sanchez Energy Corp – slide 21
    Acquisition Sources and Uses Catarina acquisition closed on June 30, 2014 639 million purchase price reduced to approximately 554 million due to net cash generated since January 1, 2014 Acquisition and additional liquidity fully…
  22. Corporate Presentation – Sanchez Energy Corp – slide 22
    Pro Forma Capitalization Current liquidity of 971 million Pro Forma 1Q14 Capitalization Table & Liquidity (MM) As of Pro Forma 546 million in cash 3/31/14 3/31/14 Cash and Equivalents 111 546 437.5 million borrowing base with an…
  23. Corporate Presentation – Sanchez Energy Corp – slide 23
    Pro Forma Guidance (1) Preliminary Pro Forma Guidance (Assumed 6/30/14 Catarina Closing Date) Metrics 3Q14 4Q14 2014 2015 Production Guidance (BOE/D) Period Average 37,000 - 41,000 45,000 - 49,000 29,000 - 31,000 53,000 - 58,000…
  24. Corporate Presentation – Sanchez Energy Corp – slide 24
    Summary Investment Considerations Highly accretive Catarina acquisition doubles production and reserves with attractive purchase price metrics Continued focus on manufacturing efficiency and driving down costs 226,000 net acres in…
  25. Corporate Presentation – Sanchez Energy Corp – slide 25
    Appendix 26 2014 Sanchez Energy Corporation
  26. Corporate Presentation – Sanchez Energy Corp – slide 26
    Capitalization Summary Revolving credit facility (due 2018) 437.5 MM borrowing base with an elected commitment of 425 million and an interest rate of LIBOR + 1.50% - 2.50% Restrictive covenant: Net Debt < 4.0x TTM EBITDA 600 MM of…
  27. Corporate Presentation – Sanchez Energy Corp – slide 27
    Hedge Summary & Philosophy We maintain an active hedging program to help support capital spending, protect cash flow, and ensure strong financial coverage metrics Currently have 4.0 MMBoe hedged for 2014 (3.5 million barrels of oil and…
  28. Corporate Presentation – Sanchez Energy Corp – slide 28
    NonGAAP Reconciliation and Measures Reconciliation of Net Income (Loss) To Reconciliation of PV-10 To Adjusted EBITDA (M) Standardized Measure (MM) Pro Forma Twelve Months Year SN Standalone Catarina Pro Forma SN Ended Three Months…

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